ANZ NZ RBNZ rate hike outlook - note there are downside risks

I posted on how BNZ see the rate hike cycle from the Reserve Bank of New Zealand evolving:

• cash rate heading to 2.25% (from its current 0.5%)

ANZ are not looking for a similar rise:

• we continue to expect that the RBNZ will only gradually raise the OCR to a peak of 1.5% by the end of 2022 – and there’s downside risk even to that

ANZ citing (this in very brief):

• ... the RBNZ ... want to bring monetary policy back to a point where it's having a neutral impact on capacity pressures. Basically, taking their foot off the accelerator, but not slamming on the brakes.
• This economy has piled on a mountain of debt to get through the crisis, and it won't take much of a lift in interest rates for that debt to become a serious anchor.
• Ongoing lockdown won't do much for confidence either.

ANZ graph the vax rollout in NZ, still a ways to go: